S&P 500 Notches First Close Above 7,600 as Wall Street Logs Fresh Records

CNBC reported Tuesday that all three major U.S. stock indexes closed at fresh all-time highs, capping a session that pushed the S&P 500 above 7,600 for the first time in its history.

S&P 500 Record Close Caps a Remarkable Run

The broad S&P 500 index gained 0.13% to finish above the 7,600 milestone. The Dow Jones Industrial Average added roughly 229 points, a gain of 0.45%. The Nasdaq Composite squeezed out a marginal advance of 0.03% to also set a new record close. Seven of the eleven major market sectors ended the session in positive territory. Utilities led all groups with a gain of nearly 2%, while materials and industrials each added around 1%. Communication services was the worst performer, sliding more than 2.6%.

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Background: A Nine-Week Surge Built on AI and Earnings

Meghan Shue, head of investment strategy at Wilmington Trust, told CNBC that a positive finish this week would extend the S&P 500’s winning streak to ten consecutive weeks. That would mark the longest such run since 1985. She attributed the rally to strong corporate earnings and robust investor appetite around the artificial intelligence investment cycle. The conclusion of a largely upbeat earnings season has been a significant tailwind for equities in recent months.

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Strategists Flag Geopolitical Risk and a Possible Pause

Shue stopped short of forecasting a sharp selloff, but said a moderate pullback or period of elevated volatility this summer would not be surprising. She pointed to a natural slowdown in trading activity after earnings season and an unresolved geopolitical backdrop. Those concerns gained weight late Tuesday when the U.S. military confirmed its forces had intercepted Iranian ballistic missiles and drones in the Middle East, and carried out self-defense strikes on Qeshm Island.

After-Hours Movers and Wednesday’s Calendar

After the closing bell, several notable earnings reports moved stocks in extended trading. Palo Alto Networks fell nearly 3% despite beating analyst estimates on both earnings and revenue, after initial gains reversed. GitLab dropped around 5% after guiding for below-consensus earnings and announcing a workforce reduction of roughly 14%, affecting approximately 350 employees across 22 countries. Ulta Beauty bucked the trend, adding 1% after raising its full-year earnings guidance and topping first-quarter expectations on both profit and revenue. Wednesday’s session brings earnings from Medtronic and Macy’s before the open, alongside the ADP private payrolls report for May and final readings on durable goods and factory orders.

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